ABA-How Instant Title Can Improve the Customer Experience You Provide.
ENPNewswire-October 4, 2021--ABA-How Instant Title Can Improve the Customer Experience You Provide
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Release date- 01102021 - American Bankers Association - The emergence of new and varied lenders over the past several years has driven competition in the mortgage market to new heights.
And while, since the second quarter of 2020, there has continued to be plenty of origination and refinance activity to go around, lenders need to prepare for volume to level off. Those who will prevail in the crowded field, continuing to win new borrowers and increase loyalty among their current clientele, will be those who understand what consumers want and deliver it seamlessly.
How competitive will the market become? Well, let's look at how willing consumers are to move from one lender to another as new needs emerge. The April 2021 ServiceLink State of Homebuying Report reveals that only 43 percent of homeowners would first consider their current lender when planning to refinance. About 30 percent say they're not sure who they would use, and 28 percent say they would use a new provider. There's clearly a lot of room for lenders to strengthen loyalty among these homeowners, as well as a lot of potential to pick up new customers who aren't all that committed to their current lenders.
With consumers so open to exploring new financial partners, differentiating your brand and offering is essential. Instant title can be that differentiator, as it helps you create an extraordinary customer experience that builds loyalty and new business.
How Instant Title Changes the Game
While many lenders have acknowledged the potential value of instant title to streamlining their internal processes, few have as yet recognized the dramatic positive impact it can have on a borrower. EXOS Title, for example, enables lenders to deliver instant clear-to-close title commitments that help get the borrower to the closing table faster. This is an important point of difference, based on consumers' desire for a faster mortgage process. Fully half of the homeowners surveyed for the ServiceLink report said speed was an important factor in their refinance process. In fact, speed was one of the top three factors (besides a lower rate) respondents said they look for in a refinance partner.
Empowering borrowers to engage in the process is important, too. For example, EXOS Title provides the borrower with the option of scheduling their closing...
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